SKB-Bank: Estonia in Euro zone comes as no surpise

The world is to wave good-bye to one currency type on January 14, 2011: the Estonian kroon will cease to exist, substituted by the Euro that will now have to be used for any transactions in Estonia.

The country actually switched to the euro on January 1, 2011, with two currencies circulating around the country for the following two weeks. But, even if you didn’t have the time to exchange your kroons for euros, there is no need to worry, the Bank of Estonia’s representatives claim: the kroons can still be exchanged without a commission in all of the country’s banks until the end of the year.

Estonia embarked on its euro-switching plan by joining the EU in 2004. Then, a contest for the best image to be displayed on the national side of the euro coins was launched in June 2004. Over 130 applications were submitted, with the best one selected by all Estonian citizens through phone votes. The first prize went to a laconic sketch featuring the outline of the country’s borders and the word Eesti.

‘Estonia’s economy is closely tied to that of the EU, this is why switching to the euro was to be expected. This change will suit the Russian tourists as well, since they used to bring euros to the country to exchange them for kroons,’ says SKB-Bank’s Dealing Director Anton Khavin.

Estonia is the 17th EU member to enter the euro zone and the first former Soviet Republic to do so.